Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company has shown good growth with a revenue of 13.433 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 4.57%. The net profit attributable to the parent company reached 1.770 billion yuan, up 37.45% year-on-year [5] - The company continues to benefit from product structure upgrades and maintains a strong growth trend for its flagship product, U8, which has positively impacted market dynamics and profitability [5] - The report anticipates revenue growth of 5%, 4%, and 4% for 2025, 2026, and 2027, respectively, with net profits expected to grow by 51%, 19%, and 13% during the same period [5] Summary by Sections Financial Performance - For 2023, the company reported a revenue of 14.213 billion yuan, with a year-on-year growth rate of 8%. The net profit attributable to the parent company was 645 million yuan, reflecting an 83% increase year-on-year [2] - The company’s beer sales volume for the first three quarters of 2025 was 3.4952 million kiloliters, a 1.39% increase year-on-year, while the revenue per ton of beer increased by 3.13% to 3,843 yuan per kiloliter [5] - The gross profit margin improved by 2.10 percentage points to 47.19% in the first three quarters of 2025, driven by product upgrades and cost reductions [5] Earnings Forecast - The earnings forecast for 2025-2027 includes revenues of 15.427 billion yuan, 16.099 billion yuan, and 16.686 billion yuan, with corresponding net profits of 1.597 billion yuan, 1.895 billion yuan, and 2.142 billion yuan [5][7] - The report projects earnings per share (EPS) of 0.57 yuan, 0.67 yuan, and 0.76 yuan for 2025, 2026, and 2027, respectively, with price-to-earnings (P/E) ratios of 21.0, 17.7, and 15.7 [5][7] Market Position - The company’s market capitalization is approximately 33.597 billion yuan, with a circulating market value of about 29.915 billion yuan [3] - The company is positioned to outperform the market, with expectations of a relative increase in stock price compared to benchmark indices over the next 6-12 months [8]

（文章来源：证券日报） 证券日报网讯燕京啤酒10月22日在互动平台回答投资者提问时表示，截至2025年10月20日，公司股东总 户数为46397户。 ...

南财投研通数据显示，10月21日，券商给予上市公司目标价共32次，按最新收盘价计算，目标价涨幅排 名居前的公司有宁德时代、川投能源、燕京啤酒，目标价涨幅分别为51%、44.26%、40.52%，分别属于 电池、电力、食品饮料行业。 从券商推荐家数来看，10月21日有36家上市公司得到券商推荐，其中燕京啤酒获得8家推荐，宁德时代 获得5家推荐，润本股份获得4家推荐。 首次覆盖方面，10月21日券商共给出了5次首次覆盖，其中豪声电子获得江海证券给予"增持"评级，华 鲁恒升获得环球富盛理财给予"买入"评级，中复神鹰获得首创证券给予"增持"评级，若羽臣获得华泰证 券给予"增持"评级，华润微获得中邮证券给予"增持"评级。 ...

Core Viewpoint - Yanjing Beer achieved a net profit attributable to shareholders of 1.77 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 37.4% [1] - The company’s core product U8 continues to show strong growth, driving product structure upgrades and enhancing profitability [1] Financial Performance - In Q3 2025, Yanjing Beer reported a net profit of 670 million yuan, up 26.0% year-on-year [1] - The forecast for net profit attributable to shareholders for 2025-2027 has been revised upwards to 1.58 billion, 1.86 billion, and 2.15 billion yuan respectively, from previous estimates of 1.47 billion, 1.77 billion, and 2.04 billion yuan [1] Market Strategy - The company is focusing on "omni-channel integration and regional deep cultivation" to solidify market growth [1] - Accelerated digital transformation is enhancing operational efficiency [1] Cost Management - Continuous realization of cost advantages is contributing to profit improvement [1] - The company is controlling expenses and reducing losses from subsidiaries, which is expected to further enhance profitability [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company shows strong growth momentum in its operational fundamentals, with a revenue of 13.433 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.57%. The net profit attributable to shareholders reached 1.77 billion yuan, up 37.45% year-on-year [5] - The company continues to benefit from the structural upgrade trend, with the major product U8 maintaining good growth momentum. The beer sales volume for the first three quarters was 3.4952 million tons, a year-on-year increase of 1.39%, with an average price of 3,843.22 yuan per ton, up 3.13% year-on-year [6][7] - The company is expected to see continued profit elasticity from reform dividends, with a gross profit margin of 50.15% in Q3 2025, an increase of 2.16 percentage points compared to the same period last year [7] Summary by Sections Financial Performance - For Q3 2025, the company achieved revenue of 4.875 billion yuan, a year-on-year increase of 1.55%, and a net profit of 668 million yuan, up 26% year-on-year [5] - The company’s cost per ton of beer in Q3 2025 was 2,125 yuan, a decrease of 2.76% year-on-year, indicating continued cost benefits [6] Profitability Forecast - The company’s projected net profits for 2025-2027 are 1.51 billion, 1.85 billion, and 2.11 billion yuan respectively, with corresponding P/E ratios of 22, 18, and 16 times [7][8] - The expected revenue growth rates for 2025-2027 are 5.64%, 5.46%, and 3.61% respectively, indicating stable growth [8] Market Position - The company is executing a major product strategy and enhancing its management system, which is expected to improve overall efficiency across the supply chain [7]

Core Points - Yanjing Beer reported a revenue of 4.875 billion yuan for Q3 2025, a year-on-year increase of 1.55%, and a net profit of 668 million yuan, up 26% year-on-year [1] - For the first three quarters of 2025, the company achieved a total revenue of 13.433 billion yuan, representing a 4.57% increase, and a net profit of 1.770 billion yuan, which is a 37.45% increase year-on-year [1] - Despite strong financial results, the company's stock price fell by 4.56% on October 21, closing at 11.92 yuan per share [1] - Several securities firms maintained "overweight" or "buy" ratings following the earnings report [1] Financial Performance - The gross profit margin for Q3 reached 50.15%, with both revenue and net profit being the highest for the same period in history [2] - The company’s strategic focus on its flagship product, Yanjing U8, has driven product structure upgrades and improved profitability [2] - Yanjing U8's sales have shown consistent growth since its launch in 2020, with sales figures reaching 696,000 kiloliters projected for 2024 [2] Market Position - In the first half of 2025, Yanjing Beer generated 7.896 billion yuan from beer products, accounting for 92.26% of total revenue, with a gross margin of 45.66% [3] - The revenue from mid-to-high-end beer products was 5.536 billion yuan, reflecting a 9.32% year-on-year increase, but the growth rate has slowed to single digits [3] - The Chinese beer industry is perceived to be in a contraction phase, with the top five companies holding over 90% of the market share [3] Dividend Distribution - Yanjing Beer announced a cash dividend distribution plan for the first three quarters of 2025, proposing a total cash dividend of 282 million yuan [4] - The company has a history of consistent dividends since its listing in 1997, with a cumulative dividend amount of 4.779 billion yuan [5] Shareholder Activity - Notable shareholder Tang Jianhua has held Yanjing Beer shares for eight years, with a current holding valued at approximately 599 million yuan [6]

Core Viewpoint - Yanjing Beer has reported a continuous decline in the number of shareholders, indicating potential concerns regarding investor confidence and stock performance [2] Shareholder Information - As of October 20, the number of shareholders for Yanjing Beer was 46,397, a decrease of 5,696 from the previous period (October 10), representing a decline of 10.93% [2] - This marks the third consecutive period of decline in the number of shareholders [2] Stock Performance - The latest stock price for Yanjing Beer is 11.92 yuan, remaining flat, with a cumulative decline of 2.69% since the concentration of shares began [2] - Over the trading days, the stock experienced 2 increases and 5 decreases [2] Financing and Margin Data - As of October 21, the margin trading balance for Yanjing Beer was 235 million yuan, with a financing balance of 233 million yuan [2] - During the current concentration period, the financing balance increased by 25.7 million yuan, reflecting a growth of 12.40% [2] Financial Performance - In the third quarter report, Yanjing Beer achieved a total operating revenue of 13.433 billion yuan, representing a year-on-year growth of 4.57% [2] - The net profit for the same period was 1.770 billion yuan, showing a significant year-on-year increase of 37.45% [2] - The basic earnings per share were reported at 0.6281 yuan, with a weighted average return on equity of 11.62% [2] Institutional Ratings - In the past month, Yanjing Beer received buy ratings from 10 institutions [2] - The highest target price forecasted is 16.75 yuan, as per a report from Huatai Securities published on October 21 [2]

Core Insights - On October 21, brokerages issued target prices for listed companies a total of 32 times, with notable increases in target prices for Ningde Times, ChuanTou Energy, and Yanjing Beer, showing increases of 51%, 44.26%, and 40.52% respectively, across the battery, power, and food & beverage sectors [1][2]. Target Price Increases - Ningde Times received target price increases from Dongwu Securities and Huatai Securities, with target prices of 567.00 CNY and 566.18 CNY, reflecting a target price increase of 50.84% and 50.62% respectively [2]. - ChuanTou Energy was rated by Huatai Securities with a target price of 21.25 CNY, indicating a target price increase of 44.26% [2]. - Yanjing Beer also received a target price increase from Huatai Securities, with a target price of 16.75 CNY, showing a target price increase of 40.52% [2]. Brokerage Recommendations - A total of 36 listed companies received brokerage recommendations on October 21, with Yanjing Beer receiving the highest number of recommendations at 8, followed by Ningde Times with 5, and Runben Co. with 4 [3][4]. - The companies with the most brokerage recommendations include: - Yanjing Beer (8 recommendations) - Ningde Times (5 recommendations) - Runben Co. (4 recommendations) [3][4]. First-Time Coverage - On October 21, brokerages provided 5 instances of first-time coverage, including: - Hongsheng Electronics received an "Increase" rating from Jianghai Securities - Hualu Hengsheng received a "Buy" rating from Global Fortune Financial - Zhongfu Shenying received an "Increase" rating from First Capital Securities - Ruoyuchen received an "Increase" rating from Huatai Securities - Huarun Micro received an "Increase" rating from Zhongyou Securities [5].

Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of Q3, appearing in the top ten circulating shareholders of 33 companies, with a total holding of 625 million shares valued at 13.07 billion yuan [1][2] Group 1: Stock Holdings - The Social Security Fund has newly entered 7 stocks and increased holdings in 10 stocks, while maintaining positions in 6 stocks and reducing holdings in 10 stocks [1] - The company with the highest number of Social Security Fund shareholders is Sanhe Tree, with 3 funds listed among the top ten shareholders, holding a total of 15.02 million shares, accounting for 2.04% of circulating shares [1] - The stock with the highest holding ratio by the Social Security Fund is Baiya Shares, with a holding ratio of 4.34%, followed by Guoyao Shares at 4.12% [1][2] Group 2: Performance and Profit Growth - Among the stocks held by the Social Security Fund, 26 companies reported year-on-year net profit growth, with the highest growth seen in Xinqianglian, achieving a net profit of 664 million yuan, a year-on-year increase of 1939.50% [2] - The average increase of Social Security Fund heavy stocks since October is 1.21%, outperforming the Shanghai Composite Index [2] - The best-performing stock is Shenhuo Shares, with a cumulative increase of 16.74%, followed by Haotaitai and Jinling Mining with increases of 14.87% and 13.64%, respectively [2] Group 3: Sector Distribution - The stocks held by the Social Security Fund are primarily concentrated in the pharmaceutical, basic chemical, and agriculture sectors, with 4, 4, and 3 stocks respectively [2] - In terms of board distribution, 26 stocks are from the main board, 6 from the ChiNext board, and 1 from the Sci-Tech Innovation board [2]

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].